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Indianapolis Power & Light Co. Aug 10
Description:
Abstract
Rate regulated integrated electric utility; Constructive regulatory environment; and Cumulative enhancements that insulate the subsidiary from parent's speculative grade rating. High debt leverage; and Weakened cash flow measures. The ratings on Indianapolis Power & Light Co. (IP&L) reflect IPALCO Enterprises Inc.'s consolidated credit profile including its association with the weaker credit quality of parent, AES Corp. (BB-/Positive/--). IPALCO is the intermediate holding company for regulated electric utility IP&L. The ratings also reflect IP&L's 'excellent' business risk profile and IPALCO's 'highly leveraged' financial risk profile. As of June 30, 2010, the Indianapolis-based IPALCO had about $1.8 billion of total debt outstanding. The ratings on IPALCO and IP&L are three notches above the rating on parent AES. The cumulative value provided by...
Companies mentioned in this report are:
- Indianapolis Power & Light Co.
- IPALCO Enterprises Inc.
- The AES Corp.
- AES Gener S.A.
- C.A. La Electricidad De Caracas
- AES Ironwood LLC
- Red Oak Power LLC
- AES Sul Distribuidora Gaucha de Energia S.A.
- AES CHIVOR & CIA S.C.A. E.S.P.
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
Rate regulated integrated electric utility; Constructive regulatory environment; and Cumulative enhancements that insulate the subsidiary from parent's speculative grade rating. High debt leverage; and Weakened cash flow measures. The ratings on Indianapolis Power & Light Co. (IP&L) reflect IPALCO Enterprises Inc.'s consolidated credit profile including its association with the weaker credit quality of parent, AES Corp. (BB-/Positive/--). IPALCO is the intermediate holding company for regulated electric utility IP&L. The ratings also reflect IP&L's 'excellent' business risk profile and IPALCO's 'highly leveraged' financial risk profile. As of June 30, 2010, the Indianapolis-based IPALCO had about $1.8 billion of total debt outstanding. The ratings on IPALCO and IP&L are three notches above the rating on parent AES. The cumulative value provided by...
Companies mentioned in this report are:
- Indianapolis Power & Light Co.
- IPALCO Enterprises Inc.
- The AES Corp.
- AES Gener S.A.
- C.A. La Electricidad De Caracas
- AES Ironwood LLC
- Red Oak Power LLC
- AES Sul Distribuidora Gaucha de Energia S.A.
- AES CHIVOR & CIA S.C.A. E.S.P.
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
Companies Mentioned
- Indianapolis Power & Light Co.
- IPALCO Enterprises Inc.
- The AES Corp.
- AES Gener S.A.
- C.A. La Electricidad De Caracas
- AES Ironwood LLC
- Red Oak Power LLC
- AES Sul Distribuidora Gaucha de Energia S.A.
- AES CHIVOR & CIA S.C.A. E.S.P.
- IPALCO Enterprises Inc.
- The AES Corp.
- AES Gener S.A.
- C.A. La Electricidad De Caracas
- AES Ironwood LLC
- Red Oak Power LLC
- AES Sul Distribuidora Gaucha de Energia S.A.
- AES CHIVOR & CIA S.C.A. E.S.P.
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